UCITS IV (EC 2009/65/EC) and its attendant Level 2 measures are required to be adopted by all EU Member States by 1 July 2011.  With this date fast approaching it is timely to consider:

• how UCITS IV will affect Irish UCITS and their management companies in terms of their organisational requirements;
• aspects of the key investor information document (“KIID”); and 
• the expected logistics for the implementation of UCITS IV in Ireland.

UCITS IV will be transposed into Irish law by way of Regulations approved by the Minister for Enterprise Trade and Innovation.  These will consolidate and replace the existing ministerial Regulations (S.I. 211 of 2003 and amendments thereto).  This consolidation exercise is welcome as the existing Regulations have been amended on a piecemeal basis on a number of occasions.

The Central Bank is expected to issue drafts of revised Notices and Guidance Notes necessitated by UCITS IV and the Level 2 measures as part of a brief public consultation in early January 2011, with a view to finalising these Notices and Guidance Notes by end February 2011.